Get the free 2007 Form 355C Combined Corporation Excise Return

This document serves as the tax return form for corporations in Massachusetts, detailing excise tax calculations, income apportionment, and credits for research and investments.

How to fill out 2007 form 355c combined

How to fill out 2007 Form 355C Combined Corporation Excise Return

1. Gather necessary financial information for your corporation, including income, deductions, and credits.
2. Download and print the 2007 Form 355C from the Massachusetts Department of Revenue website.
3. Complete the identification section at the top of the form, including your corporation's name, address, and federal employer identification number (FEIN).
4. Fill out the income section with the total income earned by your corporation.
5. Report any allowed deductions in the designated section to calculate your taxable income.
6. Determine any applicable tax credits and complete the section for credits.
7. Calculate the total excise tax based on your taxable income using the provided tax rates.
8. Double-check all entries for accuracy and completeness.
9. Sign and date the form, and provide any necessary attachments.
10. Submit the completed form to the Massachusetts Department of Revenue by the due date.

Who needs 2007 Form 355C Combined Corporation Excise Return?

1. Businesses operating as corporations in Massachusetts that meet certain revenue thresholds and need to file an excise tax return for the fiscal year 2007.

People Also Ask about

Do I need to file an excise tax return?

Businesses that are subject to excise tax generally must file a Form 720, Quarterly Federal Excise Tax Return to report the tax to the IRS. Many excise taxes go into trust funds for projects related to the taxed product or service, such as highway and airport improvements. Excise taxes are independent of income taxes.

What is the return form for S Corp in Massachusetts?

Filing requirements. Massachusetts S corporations must annually file Form 355S or Form 63 FI.

Who is exempt from excise tax?

ing to the IRS, government entities, including state and local governments, are exempt from this tax. To claim this exemption, the entity must provide the service provider with a certificate of exemption, certifying their eligibility.

What is corporate excise form 355?

Business corporations with taxable years ending in the same month as the taxable year for which the combined report is being filed will pay the non-income measure of excise tax as part of the combined report.

Who usually pays excise taxes?

Excise and sales taxes are two different types of taxes. An excise tax is imposed on specific goods and is generally the responsibility of the merchant to pay to the government. The merchant, in turn, may or may not pass the tax on to the consumer by adding it to the price.

What is Massachusetts corporate combined excise tax?

Taxable Unit: A corporation is a taxpayer separate and distinct from its shareholders. Rate Structure: The effective excise rate on corporations is 9.5% of net income apportioned to Massachusetts, and $2.60 per $1,000 of the value of Massachusetts tangible property or net worth allocable to Massachusetts.

Do I need to file a quarterly federal excise tax return?

Who files Form 720? Whether you are a manufacturer, retailer, airline or any other business that deals in goods for which excise taxes are due, you have a responsibility to file a Quarterly Federal Excise Tax Return on Form 720 up to four times per year, depending on the circumstances.

Do you report excise tax on taxes?

Is excise tax deductible? If a business pays excise taxes deemed an “ordinary and necessary expense” for conducting their business or trade, they can claim excise taxes as a business expense. However, if the excise tax is for a personal expense, it is not deductible.

For pdfFiller’s FAQs

What is 2007 Form 355C Combined Corporation Excise Return?

The 2007 Form 355C Combined Corporation Excise Return is a tax form used by corporations in Massachusetts to report their excise taxes for the tax year 2007. It allows combined reporting for corporations that are part of a group of related entities.

Who is required to file 2007 Form 355C Combined Corporation Excise Return?

Corporations that are part of a group of affiliated businesses engaging in a trade or business within Massachusetts and that meet certain criteria must file the 2007 Form 355C.

How to fill out 2007 Form 355C Combined Corporation Excise Return?

To fill out the 2007 Form 355C, businesses must provide information about their combined group members, report gross receipts, allocate income, and calculate the excise tax owed, following the specific instructions detailed on the form.

What is the purpose of 2007 Form 355C Combined Corporation Excise Return?

The purpose of the 2007 Form 355C is to calculate and report the excise tax liability of a combined group of corporations, promoting a fair taxation system for businesses operating as a single unit.

What information must be reported on 2007 Form 355C Combined Corporation Excise Return?

The form requires reporting of each corporation's gross receipts, net income, various deductions, the total income of the combined group, as well as any tax credits, to determine the total excise tax due.